The customs authority has issued a rule to allow duty-free import of products without insurance and freight charges valued lower than Tk 2,000. The similar facility will be applicable to a product whose import duty is below Tk 2,000. The ‘Customs (Deminimis) Rule-2019’ will clear the way for the import of samples and other low-cost products under the duty-free facility. Items that have import restrictions will not be covered. The National Board of Revenue has issued the rules recently through a gazette. But the import of commercial products, irrespective of their price ceilings, will not be entitled to enjoy the facility. Business lobbies, including the European Union Business Forum, have long pushed for such rules to make the import of samples and other low-cost products hassle-free. Officials said with the issuance of the rules, import of commercial samples will be easier now. The customs will release the products in a simplified way and details of the products should be maintained in a register, said the rules. For example, if normal value of a product is below Tk 2,000 or duty is below this amount, no customs duty, regulatory duty and other taxes will be payable at the time of import. The Customs commissioner will speed up the release of products by issuing an order and keep the details in a specified register for minimum-valued items. Importers, exporters, freight forwarders or consignees will have to furnish the value of imported products under the rules in the invoice and purchase documents or similar types of documents. However, the minimum-value facility will not be applicable to the products having ‘no commercial value’ or ‘without commercial value,’ or marked as ‘value for customs purpose only.’ It will not be applicable to the import of tobacco, liquor, perfume and other cosmetics products or any other sensitive products as declared by the customs commissioner in the port. Explosives, weapons, armed materials, drugs or drugs products that are either restricted or banned in the import policy order or may pose threat to public security won’t be allowed to be imported. Except for personal uses, products that are regulated by government agencies or organisations will also not enjoy the facility. All the customs houses or customs wings will have a unit, which will be authorised to release the products with the minimum value. The unit will check the misuse of the facility so that importers cannot evade taxes of a certain consignment that exceeds the minimum value or duty. A risk management unit will work on ensuring the compliance by the importers of commercial samples. The Customs will be able to examine the products on a random sampling basis before its release from the port. Importers will be able to release the products by giving a short customs declaration. However, the documents must have commercial invoice, packing list, VAT registration number, transport certificates and other necessary papers. The Customs will be able to prepare separate Customs Procedure Code (CPC) for minimum-valued products. In case of mis-declaration of minimum value, the customs will realise all duties before it releases the goods. The tax collector will monitor the import of products under such rules and, if necessary, will update it.
Source – Financial Express.
